trending Market Intelligence /marketintelligence/en/news-insights/trending/7Mn_sAK86_TYIYfS6t-5mg2 content esgSubNav
In This List

Polish portfolio to sell for €1B; Meliá ends takeover talks with hotel operator

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Polish portfolio to sell for €1B; Meliá ends takeover talks with hotel operator

* Chariot Top Group BV, a company which Griffin Real Estate co-manages, signed an agreement to purchase a portfolio of 28 retail properties in Poland in a deal valued at approximately €1.0 billion. The portfolio offers a total gross leasable area of roughly 704,000 square meters, and will be sold by funds managed by Ares Management LP, AXA Investment Managers - Real Assets and Apollo Rida.

A portion of the portfolio to will be sold to Echo Polska Properties NV, following the completion of the deal.

* Barbados-based and London-listed Elegant Hotels Group Plc confirmed recent media reports that claimed it received a takeover bid from Meliá Hotels International SA or one of its affiliates. However, Elegant Hotels also noted that, as of Dec. 4, talks have been terminated.

Meliá was in the early stages of talks of buying the hotel operator for about 110 pence per share, valuing the group at roughly £98 million, The (U.K.) Times reported Dec. 2.

UK and Ireland

* Regional REIT Ltd will purchase two office portfolios from NW UK III Ltd. and Archimedes Real Estate LP, respectively, using funds from a £50 million share issuance and an additional £50 million from a placement, open offer and offer for subscription of shares, according to a release.

A maximum of £45.8 million from the capital raising will be used to buy three assets from NW UK III, while up to £47.6 million will be used to fund the 17 properties it will acquire from Archimedes Real Estate, with the remaining proceeds to be channeled toward other investment and regeneration opportunities.

* English football club Crystal Palace is looking to redevelop its Selhurst Park stadium in London under an extension plan slated to cost between £75 million to £100 million, Property Week reported. The club plans to raise the stadium's capacity to 34,000 from a little above 26,000 at present, with work expected to begin within 12 months.

* Goodman Group unit Goodman UK received planning consent for the development of a 430,000-square-foot, grade A logistics and warehouse project sitting atop its 40-acre Leicester Commercial Park development in the East Midlands, U.K., PW reported. Goodman UK will develop the space in a joint venture with Wilson Bowden.

The first two units, spanning 95,500 square feet and 335,000 square feet, will be completed in the spring of 2018, according to the report.

* Blend Property UK and Westminster Real Estate have jointly sold the prime freehold of an asset on 35 Chiswell St. in central London to a private investor for roughly £14.9 million, reflecting a net initial yield of 4.13%, PW reported. The 17,285-square-foot office asset is let to eight tenants.

* Indian property buyers are more active than before in the central London market, accounting for 13% of real estate sales so far in 2017, up from 2.6% in the 2015-2016 period, The (U.K.) Telegraph reported, citing Black Brick. The Reserve Bank of India has loosened regulations on the amount of money that can be taken out of the country, which is partially why the market has seen a rise in Indian investments.

* The U.K. construction index defied economists' expectations by rising to a balance of 53.1 in November, higher than 50.8 in October, signaling expansion in the sector, The (U.K.) Times reported, citing IHS Markit. The stronger index performance was mainly attributed to housebuilding, supported by the U.K. government's Help to Buy scheme, the report added.

* Job search website Indeed signed a pre-let agreement to occupy upwards of 216,000 square feet of office space at Kennedy-Wilson Holdings Inc., Fairfax Financial Holdings Ltd. and National Asset Management Agency's Capital Dock joint campus scheme in Dublin, marking the Irish capital's largest letting of 2017.

Indeed will occupy Buildings 100 and 300 Capital Dock for a 20-year lease term, with a lease break after 13 years.

Poland

* A joint venture between NEINVER and TH Real Estate, Neptune, closed the €79.7 million acquisition of FACTORY Warsaw Ursus outlet mall from the IRUS European Retail Property Fund at a net initial yield of 6.33%, Europe Real Estate reported. The mall, which was purchased on behalf of TIAA, offers 19,593 square meters of gross leasable retail space and accommodates more than 103 retailers.

Middle East

* Emirates REIT (CEIC) Ltd. initially priced its U.S. dollar-denominated sukuk in the low- to mid-5% range, Reuters reported, citing a document. The size of the sukuk is expected to be upward of US$500 million, the report added.

* DAMAC Properties is launching the sale of Sahara Villas located within the AKOYA Oxygen development in Dubai. The prices of units start from 999,999 United Arab Emirates dirhams, with a four-year payment plan. DAMAC is also offering an exclusive 5% discount on the sale prices until Dec. 9, according to a release.

Other real estate news

* Parque Arauco S.A. units entered into binding deals with Inversiones Centenario SAA to sell the rights in five properties in Lima, Peru, for US$78 million. The necessary conditions for the sale of shares and rights are to be met by Jan. 10, 2018, in order for the deal to go through.

Now featured on S&P Global Market Intelligence

Conference Chatter: Thought leader to retailers: 'You've got to really decide what your priority is'

Data Dispatch: US REITs trade at 3.3% median discount to NAV as of Nov. 30

The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.

Celestyn Wong contributed to this report.

As of Dec. 4, US$1 was equivalent to 3.67 United Arab Emirates dirhams.